Insurance Blog

Universal Home Insurance

Universal Property Insurance

The Insurance Specialists Team is proud to announce we now represent Universal Property and Casualty Insurance!

For A Universal Home Insurance Quote call 612.460.7796 or Online

Minneapolis Universal Insurance

Homeowner’s Policy Designed for dwellings occupied by the owner

Dwelling Coverage Protection against covered perils such as wind, hail, lightning, or fire

Renter’s Policy Designed to cover contents in a rented dwelling

Condominium policy designed to provide coverage for owner occupied or tenant occupied condominiums

Do you really need rideshare insurance?

What could happen if you don’t have rideshare insurance?

 

Insurance for Ridesharing
Upset Lyft driver After Traffic Accident

 

It may seem like an okay idea to put off looking into rideshare insurance.  Maybe you’re a good driver and besides Uber and Lyft have insurance don’t they? Why would you want to pay more money for a rideshare endorsement or take the chance of getting canceled if your insurance company doesn’t offer rideshare insurance? Another driver on youtube said we didn’t need it. What’s the truth?

It’s an okay idea until you have an accident and have to think about it again. Then it might be too late. The Uber driver on youtube giving free insurance advice isn’t an insurance professional. It’s probably not a good idea to trust his advice…

It’s estimated that over 60% of rideshare drivers don’t have rideshare insurance.

Without a rideshare insurance policy or a rideshare endorsement, you’ll have coverage Gaps…

The entire time your app is on, your personal auto policy is suspended. Your TNC Lyft, Uber, etc., does provide coverage, but only for the period of time between accepting the passenger and dropping off the passenger (before accepting a passenger, some TNCs may provide limited liability coverage only). When you don’t have a passenger – you have no coverage for your vehicle and any damages or injuries you may sustain.

RideSharing Coverage steps in to cover you between passengers, effectively closing the gap.

Some things to consider…

Huge deductibles – Lyft has a $2500 deductible.  Uber has a $1000 deductible.  Some rideshare policies will cover the deductible gaps as well.  If for example, you have a $500 deductible on your policy that’s what you’d have with the rideshare endorsement – not $2500 or whatever.  You’ll want to ask your agent as some insurers will cover this gap and some insurers won’t cover it. A rideshare endorsement covering this gap could seem like a real bargain at claim time.

Loss of use… Let’s say you have an accident while heading to your hotspot and your vehicle is damaged. It needs extensive repair and it could take weeks to get it back on the road. You’re likely going to be out of pocket for deductibles you also won’t be able to drive or earn if that’s your only vehicle.

Ride-sharing coverage and gaps….ProgressiveRideshareInsurance

MN state law requires rideshare drivers to carry a minimum of 50/100/30 liability limits.  If you are carrying the state minimum of 30/60/10 you won’t be compliant.

Per vehicle/per occurrence/property damage

Check your auto insurance policy

Even though you have an auto insurance policy, it might not provide coverage while you are working for a TNC – Lyft, Uber, etc., Look at the exclusions in your policy.  Most personal auto insurance policies have exclusions for when a vehicle is used “in connection with a transportation network company,” “as a public or livery conveyance,” or “to carry persons or property for a charge.” Many applications specifically ask “Are any vehicles used for rideshare?”

Also, look at the terms and conditions of the policy. Using your car for business purposes may be in violation and cause your policy to be canceled.

Do you really need rideshare insurance?  Yes!

Is it possible to pay lower rates with a rideshare endorsement than you’re currently paying? Yes! A driver just recently cut his insurance bill in half and has better coverage.

There are tips and tricks to get better rates like…

  • Bundling all your insurance to get the multi-policy discounts
  • Some companies have lower rates than others in certain areas – so check other companies
  • Carrying higher liability limits could get you a better quote – people looking to save on insurance typically carry lower limits of liability and it actually costs them more.
  • Get an advance quote or early bird quote at least two weeks in advance of your current policy expiration.  Most companies will give you a discount.
  • Use an independent agent or agency that represents more than one company and understands rideshare insurance.  It will save you time.
  • Want more tips?  Call 612.460.7796 or go online here…

Minneapolis Progressive Insurance

 

 

 

30/60/10 Do You Know What These Numbers Mean?

What do those numbers mean?  

They are liability insurance numbers.  

MN Auto Insurance Requirements Are 30/60/10

  1. The first number 30 or $30,000 is the bodily injury liability maximum coverage for one individual who’s injured in an auto accident.
  2. The second number 60 or $60,000 is the maximum amount of bodily injury liability coverage per accident.
  3. The third number 10 or $10,000 represents the maximum amount of property damage liability, and it’s per vehicle.

Did you know what they mean?

One of the most common mistakes made when purchasing insurance is choosing the lowest liability limits.

Here’s why…

Average day in MN 2015

  • 205 crashes
  • 1 Death and 82 Injuries
  • Average daily cost in MN $4,858,135
  • Per accident average cost $23,698

22% of the time driver distraction is contributing factor in teen driving crashes

 

Car Insurance

 

 

 

 

 

 

 

Auto Insurance

Cost of Motor Vehicle Crashes in 2015

  • 411 Deaths @$1,512,000/Death
  • 1,127 Severe Injuries @ $88,500/Crash
  • 7,251 Moderate Injuries @ $25,600/Crash
  • 21,603 Minor Injuries @ $21,000/Crash
  • 98,276 PDO Crashes @ $4,200/Crash

Driving your vehicle represents the largest possible source of a lawsuit and it’s always best to consider these things before an accident.

So, are your limits high enough?

People falsely assume having the state minimum liability limits of 30/60/10 is the least expensive or is all they can afford….Believe it or not many times it’s less expensive to carry higher limits – not only because of the obvious of having enough coverage if you are in an accident but, having higher limits can give you better rates by being placed in a better rating tier. It could cost less to have better insurance!

How much should you have?

You will want to consider your current earnings, your future earnings,  your wealth.

Your limits should be the same level. Your liability limits should be the same for each insurance policy.  If you are insuring a million dollar net worth and have 30/60/10 for your autos or a boat trying to predict where a loss is likely to occur is foolish. However, people make this mistake all the time.

The thing is having higher auto and home insurance liability limits not only protests you it could lead to better rates too!  One of the rating factors underwriters use for quoting is your current liability limits. Carrying the higher limits will generally get you better quotes.

If responsible for an accident, you may have to pay for…

  • Car Damage
  • Loss of Use
  • Towing
  • Car Rental
  • Damage to Personal Property
  • Damage to Business Property
  • Environmental Cleanup

  • Modification to a Home
  • Pain & Suffering
  • Towing
  • Loss of Essentials Services
  • Attorney Fees
  • Loss of Wages
  • Medical Bills

Call your agents and have them run some quotes for you with having higher prior limits and without.  Find out how much you need and what the cost is to protect yourself.  Higher liability limits are one of the few bargains available in insurance.  You’ll be surprised how affordable it can be to raise your limits. Plus, rest easier knowing your covered well.

Ask the Insurance Expert

Insurance in Minneapolis

https://earn.show/askexpertsleeper/352/tim-peddycoart-with-insurance-specialists-team/

 

Tim Peddycoart  with Insurance Specialists Team in Minneapolis explains how an independent insurance agent can help you meet personal and business goals. You can reach Tim at (612) 460-7796 and his website is https://minneapolisinsuranceteam.com/
Minneapolis Insurance Specialists Team
333 N Washington Ave, Minneapolis, MN 55401
(612) 460-7796

Minneapolis Insurance Team

Independent agents represent many companies and provide choices and options.

A business or a person’s insurance needs can be unique. An independent agent can help tailor a policy that not only covers you.  It makes it easier to get you or your business the best prices.

Why Choose an Independent Insurance Agent?

Minneapolis independent Insurance Agent 612.460.7796

Choice it’s something we take for granted.  The ability to determine what’s best for us, our needs, our life.

So many households settle for the insurer that their family used or the ones with the best commercials and don’t consider the options.  Many times they end up paying more for less. It’s not just about price either.  Choosing an experience insurance agent doesn’t cost you more and usually costs less as they know how to properly insure and negotiate the best prices.

Most business and families – if they ever do compare or shop their insurance do so on price alone and limit their chooses and the possibilities of lower prices now and in the future. It may seem logical – but, the best thing to do is shop for the best agent not price.

The best agents will know how to get the best price.  They’ll make sure you have the correct coverage.  They’ll likely have the best relationships with insurance companies and underwriters.  This allows them more options and opportunities to get you the best deal as the underwriters know they can trust an experienced agent. Experienced agents have access to companies and products most other less experienced agents and agencies won’t have. Don’t surrender your choice and shop on price alone. It’s the wrong road and the one most often traveled.

Use an independent insurance agent.  They represent may companies – not just one.  There are many reasons for choosing to use an independent insurance agent.  Contact the Minneapolis Insurance Team and see the difference today.

 

Minneapolis Car Insurance

 

Condo or Condon’t – Condo Townhome Insurance HO6 policy

Condo or Condon’t — Condo Insurance

condo insurance

You’ve taken the plunge and opted for condo or townhome life. Now that the papers are signed, it seems like everything is taken care of for you—building maintenance, roof repairs, landscaping, insurance, etc. It’s time to relax because everything is covered, right?

Not quite. The insurance policy provided by the condo association covers the building structure and common areas, but what about potential structural damage to your unit and covering your belongings? Are your contents and liability covered?  Do you have enough loss assessment coverage?  Is your policy wall to wall or?

Without a personal condo insurance policy, you could be left high and dry if your unit floods, is damaged in a fire, etc.

Many associations in an effort to keep prices down have taken policies with large association loss assessment deductibles – most likely your association has a large deductible and reduced coverage. Sadly, because the vast majority of residents don’t review or understand their policy they won’t find out they have large gaps in their coverage until claim time.

Most condos need two insurance policies.

Master Policy: Generally provided by your condo association, this policy covers the physical structure of the building, including basement, roof, walls, elevators, lobbies, etc. Coverage usually includes both physical damage and liability. Get a copy of the policy so you know what’s covered.

Personal Condo Policy: This will cover additional structural damage to your unit, including cabinets, appliances, personal belongings, and more. This also covers living expenses if you fall victim to a fire, theft, or other covered disaster. Many insurance carriers offer enhancements that include personal property protection in your condo insurance policy. Policies with full Value Contents protection will pay the full replacement cost of your belongings, not just what they are worth today. Sometimes the difference between a policy with great coverage and a policy with little coverage is $10-$60 – which seems like a real bargain at claim time.

Other coverage to consider:

Umbrella Policy: If someone were to trip and fall inside or near your condo, they could sue both you and the condo association. Umbrella provides additional layers of liability protection and can protect against lawsuits that target both your current and future earnings.

Flood insurance: Read the fine print on your policy. They often won’t cover damage due to these disasters. Additional coverage may be required if you live in a prone area.

If you’d like a review of your policy please call 612.460.7796 and speak with a condo insurance specialist.

Reference: Sea Pines real estate.

Safeco Workplace Discount Program

Great News!  We think you’ll love this 🙂

Expand your employee benefits package with exclusive savings on auto insurance.

We have a special deal that saves up to 30% on your insurance with workplace and other discounts.

As an independent insurance agency, The Insurance Specialists Team represents multiple carriers – not just one. This allows us to offer your business and your employees the best options for competitively priced insurance.

Working in partnership with Safeco Insurance®, one of the insurers that The Insurance Specialists Team represents, we’re pleased to offer an easy and convenient option that enhances your employee benefits package by helping your employees save on auto insurance – at no cost to you. The Safeco Insurance Workplace Discount Program offers your employees exclusive savings on Safeco® Auto insurance on top of the discounts Safeco already offers.

Safeco Insurance has been protecting individuals and families since 1923 and, in addition to auto insurance, offers:

  • Comprehensive auto, antique/classic car, home, motorcycle,  boat and RV coverage
  • 24/7 claims service
  • 24/7 Customer Service
  • Online account management tools
  • Local Insurance Specialists

We’ve made implementation easy. There is no cost to you, and your employees will have access to some of the best prices Safeco has to offer, making the Safeco Insurance Workplace Discount Program an easy choice for your business.

And as an independent agency, we are not employed by any insurer, which allows us to work on your employee’s behalf to help get them the coverage they need, even if the Safeco Insurance Workplace Discount Program isn’t the best option.

Please call IST today at 763.244.3735 to find out how to get started.

Do You Need a Personal Umbrella?

Are you really protected?  In today’s litigious society – you probably don’t have enough liability insurance coverage.

Aren’t personal umbrellas just for the super rich or wealthy?  Ummm No.

Minneapolis Insurance Coveage

Whether it’s a serious at-fault auto accident, boating accident or an incident on your property, you can quickly find yourself responsible for damages that exceed the limits on your auto, homeowners, renters ,boat, motorcycle or snowmobile policy.

If it’s an expensive judgment it’s is the last thing you want to worry about – especially if you’re just starting to get ahead after years of hard work. Accidents happen and it could all be gone. And when you find out how inexpensive an umbrella policy is – it will be even worse.

Fill out the form below and do some quick calculations.  Check easy quick and see if you think you should consider an umbrella. If you prefer call or chat with a specialist.

 

 

 

We offer limits ranging from $1 million to $10 million for customers meeting eligibility criteria. And, when you require legal defense for a covered claim, the policy helps cover defense costs such as attorney’s fees and other expenses.

Judgment amount $2,000,000 – $30,000 auto liability limit = ruined… everything ruined. 🙁

The good news…Use the calculator below and then call and speak to a specialists.  It’s highly possible to not only get better coverage – you’ll save money too.  🙂

 

Do you have the coverage you may need?

Total amount you have At Risk:

Current Insurance Protection

Gap in coverage?

Yes

No

"At Risk" Gap (What you need vs. What you have):

Call me to talk about ways to fill the gaps!

If responsible for an accident, you may have to pay for...
  • Car Damage
  • Loss of Use
  • Towing
  • Car Rental
  • Damage to Personal Property
  • Damage to Business Property
  • Environmental Cleanup
  • Modification to a Home
  • Pain & Suffering
  • Towing
  • Loss of Essentials Services
  • Attorney Fees
  • Loss of Wages
  • Medical Bills

 

 

I had a Car Accident – What Do I Do?

Having an accident is no joke. There are many accidents each year and sadly many die  because they were in a collision.  It is important for all drivers to understand just what they need to do if they have been involved in an accident large or small.

Auto Insurance MPLS

 

 

 

 

 

 

 

 

 

The first thing to do is remain at the scene of the accident. Call the police as they will need to make a report of what happened. If you have a camera phone on you and you’re okay then consider taking some pictures. The police will do this as well so it is important to have enough evidence for your auto insurance claim.  Exchange insurance info and ask everyone involved in the accident for their information such as license plate number, driver’s license number, name, address and telephone number.

The second step is to get checked out by an EMT to make sure you’re okay. Many accident victims even those with minor injuries refuse to get medical treatment only to find out they have issues later.  You could be okay one minute and then drop dead the next. Your medical bills could be an issue if it isn’t documented as an accident related injury.

The third step is to go home and call your car insurance agent or  company. A claims representative is usually available 24 hours a day to talk to drivers and begin the claims process. Make sure to have your policy information readily available to help speed up the process.

The fourth step is to make a list of everything that happened. It is important to make notes while everything is fresh in your memory.  Once this is done, you can provide an accurate and clear statement for the insurance adjuster handling your claim.

The fifth step is to give an official statement to your adjuster. Do this as soon as you can to begin the claims process. It’s best to report an accident sooner than later if possible as stories can change.  Don’t just take the drivers word that they were at fault and will make it right.

The sixth step is to wait for the claims adjuster to begin to evaluate the claim. It usually takes about a week for a claims adjuster to get back to a driver about a claim. Be patient, especially if the car accident was serious. The adjuster will need to determine who was at fault and that can take a while in some situations. They generally try to recover your deductible if you were not at fault. Once the claim has been completed, a driver will receive their compensation check if the insurer feels that they are entitled to one. Once the check is cashed and no appeal is requested the claim is closed.

Always keep your auto insurance cab cards in your vehicle and up to date.

Contact Heninger Garrison Davis for auto accident injury claims in Birmingham or go to HornsbyWatson.com.

Related: Workers Compensation Lawyers Near Me.

The Truth about Water Damage

Most policies don’t come with backup of sewer and drains coverage.  It’s true.  Do you have this coverage?  How much do you have?

According to the Insurance Information Institute – most homeowner and business insurance policies do not cover sewer backup unless specific sewer backup coverage is added to the policy.

Tim Peddycoart – home insurance specialist for the Insurance Specialists Team says to “Check and find out if you have this important coverage on you policy and how much insurance coverage you have available. It’s inexpensive coverage and always seems like a bargain after a loss”

If you have a backup and water damage in your condo or home it can be a big and an expensive mess. It’s a common loss and most policies don’t include coverage for it or don’t provide not enough coverage. You can usually add more coverage to better address your need with an endorsement.  Some basements and lower levels are fully finished and/or store valuables. The cost to replace or restore is often not considered – until it’s too late.

This coverage is needed on condos and townhomes too.  The shared pipes can backup and damage connected units and dwellings below. The master policy likely does not cover this peril.

The cost to add backup of sewer and drain coverage is approximately $20 to $50 a year.  Thomas McAlpine from 24 restore reports “The average loss from water damage is $10,000.”

Check the video below for the truth about water damage. What can be saved?  What should you do first?  What is the minimum amount of coverage one should include? What does it cost?

 

For more information on home insurance call the Minneapolis home Insurance Specialists Team 612.460.7796 get an online quote or start up an online chat.

What to do if you Experience a Sewer Backup

A sewer backup can lead to disease, destruction of your valuables, damage to your house or business, and can even result in electrical malfunctions. Prompt cleanup of the affected property can help minimize the inconvenience and prevent mold and further damage. In the event of sewer backup, turn the water off and immediately arrange for the cleanup of your property. This should include:

•Wet-vacuuming or removing spillage
•Mopping floors and wiping walls with soap and disinfectant
•Flushing out and disinfecting plumbing fixtures
•Steam cleaning or removing wet carpets or drapes
•Repairing or removing damaged wallboard or wall covering
•Cleanup of ductwork

Homeowners and business insurance do not cover flood damage: Only flood insurance will cover your losses in the event of a flood.

If you have water damage… Call 24 restore Office (612) 255-9578 | Toll Free (888) 804-2785  The quicker the damage is mitigated the lower the cost and damage.  Call your agent or 24 restore right away.